What is the difference between a TLOC and a Personal Loan?

 

Both the Tangerine Line of Credit and the Tangerine Personal Loan provide unsecured credit.

With a Line of Credit, funds are available to you so you can borrow what you need when you need it. You're charged interest on the borrowed funds, and you pay off your balance at your own pace, with an obligation to make only the minimum payments. You can use your available credit whenever you need it.

With a Personal Loan, the Loan is for a set amount, and the entire proceeds of the Loan are paid to you up front for you to use as you need. Interest begins to be charged when the funds are provided. The Loan is for a set term, and gives you a scheduled monthly payment that includes both principal and interest, so that you repay your Loan entirely over your Loan term. You can also make extra payments to pay the Loan down faster if you like, and there's no additional charge to do that.